Mumbai, August 10, 2021: The India International Exchange (IFSC) Limited (India INX), India’s first international exchange based in the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) has announced it will add international stocks to trading, including shares from major US-listed companies via its wholly owned subsidiary India INX Global Access IFSC Limited (“Global Access”). It proposes to offer stocks from the US, Canada, UK, Europe, Australia, and Japan, covering about 80 percent of the investing universe.
Eventually, India INX will in the first phase provide access to over 130 exchanges across 31 countries worldwide covering global exchanges in America, Europe, Asia Pacific and Africa. Some of the exchanges to be offered are NYSE, Nasdaq, LSE, Canadian Securities Exchange, Toronto Stock Exchange, BATs Europe, Euronext France and Tokyo Stock Exchange.
Shri Ashishkumar Chauhan, Chairman, India INX, said “Under the LRS route, resident individuals can use the India INX platform to transact and invest in global stocks in an easy and convenient manner. The addition of global stocks is a significant step that will bring further investment into the region from investors seeking contracts with a strong emphasis on liquidity and investability.”
India INX will roll-out the functional details in terms of specifications about the products and will also soon launch trading in international stocks. Members of India INX can access this facility at no additional membership costs. Cost-efficient trading, simple clutter-free interface, leading technological platform, and expansive product scope including stocks, indices, bonds, derivatives, and hybrids are just a few of the features that Indian investors can look forward to trading in international markets via India INX Global Access.
India INX, BSE’s international arm, commenced its trading activities on January 16, 2017 and is India’s first International Exchange set up at GIFT IFSC. It is one of the world’s most advanced technology platforms with a response time of 4 micro seconds and allows trading for 22 hours a day, in a range of financial market products such as index and single stock derivatives, commodity derivatives, currency derivatives and debt securities, to allow international investors to trade from anywhere across the globe. The Exchange, provides a state of the art electronic platform to facilitate trading, clearing and settlement of the widest range of global benchmark products across all major asset classes, including securities, equity derivatives, precious metals, base metals, energy and bonds. The average daily turnover at the exchange for the month of July ’21 was USD 14.97 billion, with a 84 % market share among the exchanges at IFSC. The Exchange also has tier-III equivalent data centre colocation facility for its Members. The platform offers a debt listing framework at par with other global listing venues such as London, Luxembourg, Singapore etc. The Exchange provides competitive advantage in terms of tax structure and supportive regulatory framework that is comparable with any other global financial centre. These include waiver of several taxes like securities transaction tax, commodities transaction tax, dividend distribution tax, capital gains tax, GST etc. Further, as an entity set up at IFSC, additional tax waivers are applicable viz. graded income tax holiday for ten years out of fifteen years, one-time subsidy on IT capex spend, no stamp duty etc.
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